E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was ₹2. F applied for 420 shares. The number of shares allotted and the amount carried forward for
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · June 2013
E Ltd. had allotted 10,000 shares to the applicants of 14,000 shares on pro-rata basis. The amount payable on application was ₹2. F applied for 420 shares. The number of shares allotted and the amount carried forward for adjustment against allotment money due from F will be —
Answer & Explanation:
Correct Answer: Option (D)
Correct answer: (D) 300 shares; ₹240.. Allotment = 420×10,000/14,000 = 300 shares; excess application money = (420−300)×2 = 240.
Topics: Fundamentals of Accounting
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